Illustration: Aïda Amer/Axios
Paramount Global has restarted the sale process for book publisher Simon & Schuster, CEO Bob Bakish said this morning during the company's earnings call.
Why it matters: This is Paramount's second try to find a buyer after regulators blocked a proposed $2.2 billion merger with Penguin Random House last year.
Details: Paramount CFO Naveen Chopra told analysts they have strong initial interest from buyers and that a deal could be announced by the end of the year.
- During the Q&A portion with analysts, Bakish added that Simon & Schuster's operating performance "is substantially superior to what it was when we brought it to the market before."
Catch up quick: Paramount (back when it was ViacomCBS) agreed to sell Simon & Schuster to Random House Penguin in a $2 billion deal in 2020, which would have merged the biggest and third-biggest book publishers in the U.S.
- The deal was quickly met with antitrust scrutiny and successfully blocked last October by a federal judge over fears it would significantly reduce competition in the publishing market.
Of note: During the Department of Justice's trial last year to block the merger, HarperCollins CEO Brian Murray had expressed continued interest in Simon & Schuster in his testimony, but he admitted to being "shocked" by the $2.2 billion price tag.
- French media conglomerate Vivendi previously had been eyeing the asset, too.
